Bitcoin Retreats from 12-Week Peak as Sellers Intervene at $79,400

Bitcoin reached a 12-week high of $79,399 before encountering a seller wall, prompting a retreat from its upward trajectory. The cryptocurrency had been poised to reach $80,000 for the first time since January but was met with resistance. On Monday, Bitcoin traded at $77,705, representing a 0.4% decline over 24 hours. Other major cryptocurrencies, including Ether, Solana, and BNB, also experienced declines. The initial surge was attributed to a report suggesting Iran had proposed a new plan to the US to reopen the Strait of Hormuz, which led to a rise in Asian equities. However, Bitcoin's rally was short-lived, and it peeled away from the risk-on move. Analysts attribute the rejection at $79,399 to the approach of many recent buyers towards breakeven, historically a point of selling pressure. Despite this, Bitcoin remains up 16% in April, on track for its first double-digit monthly gain since May 2025. The Federal Reserve and European Central Bank's policy decisions, along with major tech earnings, may provide the catalyst needed for a breakout.